Packer says $600 Mln Melco Crown investment now worth $6.2 bln

Crown Ltd Chairman James Packer says the company’s $600 million investment in its Melco Crown joint venture in Macau is now worth $6.2 billion, adding that the tastes of China’s aspiring middle classes will “profoundly alter every aspect of our economy.” 

Packer was speaking at Crown’s annual general meeting. He told shareholders that Chinese tourists spent US$102 billion on international tourism last year, making it the largest outbound market in the world. A full 80 percent of Chinese traveling outside the country for the first time head for a casino.

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